Business
David F. Melbourne Jr. Promoted to Chief Executive Officer of AquaBounty; Sylvia Wulf to Continue as Non-Executive Board Chair
Harvard, Massachusetts--(Newsfile Corp. - June 7, 2024) - The Board of Directors of AquaBounty Technologies, Inc. (NASDAQ: AQB) ("AquaBounty" or the
About this update from Aquabounty Technologies, Inc.
[{"type":"text","content":"Harvard, Massachusetts--(Newsfile Corp. - June 7, 2024) - The Board of Directors of AquaBounty Technologies, Inc. (NASDAQ: AQB) (\"AquaBounty\" or the \"Company\"), a land-based aquaculture company utilizing technology to enhance productivity and sustainability, today announced that David F. Melbourne Jr. has been promoted to the position of President and Chief Executive Officer. Sylvia Wulf will continue as the non-executive Board Chair of AquaBounty's Board of Directors.\n\"On behalf of the Board of Directors, I am pleased to announce that Dave Melbourne will assume the position of President and Chief Executive Officer of AquaBounty, effective immediately,\" said Wulf. \"This move has been part of our long-term succession plan for the leadership team, commencing with his promotion from Chief Commercial Officer to President in August 2023. Over the last year, Dave has led day-to-day business functions for the Company. The Board recognizes the outstanding contributions and leadership he has provided over the last year, including his role in the efficient shutdown of our Indiana farm. With his promotion, he will take on the additional responsibilities for the business including leading our pursuit of a range of financing and strategic alternatives, as well as investor relations and strategic initiatives to achieve AquaBounty's growth plans. Dave is a transformational leader and I have full confidence in his ability to take the reins at this critical point in time. I look forward to working with him in my continued role as Board Chair,\" added Wulf.\n\"I am excited for the opportunity to lead the incredible AquaBounty team as its Chief Executive Officer, and together, deliver the financing required to stabilize the business in the short-term, and put in place the strategic imperatives to achieve our longer-term growth plans to benefit our Company and stockholders,\" said Melbourne. \"My immediate focus will be on securing the required financing to maintain liquidity and support current operations. Working in conjunction with our investment banking partner, we will prioritize completing the sale of the Indiana farm and aggressively push forward on identifying and finalizing financing and strategic alternatives.\"\n\"We have made great progress over the last five years across all areas of our business. We have leveraged our advantag...